Getting to Know Our Senior Fellow – Mr Bernard Wu
Published on 25 October 2023
In 2023, Mr Bernard Wu was honoured as a HKSI Institute Senior Fellow for his exceptional contributions to our outreach and talent grooming initiatives. He actively advocates for Hong Kong’s youth development while also serving as a Member of our Corporate Membership Committee.
Q: Tell us more about yourself and the field of work that you are involved in.
A: I am a veteran Certified Public Accountant (CPA) and a Deputy Chairman of Poseidon Hill Capital Limited. After obtaining the CPA license, I continued the study in relevant laws and regulations related to listing, securities, etc., and started my career in the investment banking industry. I am currently also the licensed person in asset management sector by the Securities and Futures Commission.
In addition to my professional achievements, I have also been involved in mentoring and youth development initiatives. I have set up a programme for tertiary students to gain work experience and have participated in the Hong Kong SAR Government's "Strive and Rise Programme" to inspire the younger generation. Furthermore, as the Executive Chairman of the Hong Kong Youth Exchange Promotion Association, I am dedicated to promoting youth exchanges in various aspects between Hong Kong, Mainland China, Taiwan, and Macau.
Q: What do you consider to be the most significant challenges facing the industry today, and how can they be addressed?
A: One of the prevailing challenges to Hong Kong's status as an international financial centre is the high stock stamp duties, which have weakened the stock market trading environment. The initial objective of increasing stock stamp duties was to generate higher tax revenue. However, the overall financial landscape in Hong Kong has evolved since then.
Previously, the trading volume in Hong Kong's stock market reached an impressive 200 billion units. However, the present scenario paints a contrasting picture, with the lowest trading volume reaching a mere 40 billion units, and the average trading volume hovering around 100 billion units. This decline in trading activity has had a significant impact on investor sentiment.
To address this issue and restore vibrancy to the stock market, it would be prudent to consider the practices of other more developed countries. In line with their approach, it is recommended to lower the existing stock stamp duties. This strategic move has the potential to alleviate the identified problem and stimulate increased trading activity in Hong Kong's stock market.
By adopting such measures, Hong Kong can enhance its competitiveness as an international financial hub while mitigating the negative effects of high stock stamp duties. This proactive approach may attract greater investor participation and instill renewed confidence in the market. Ultimately, it could help Hong Kong regain its prominence and reinforce its position as a leading global financial centre.
Q: As someone with extensive experience as our mentor, how do you inspire and empower your mentees?
A: As a mentor, I highly encourage students to actively engage in HKSI Institute activities, become registered Student Members, and obtain relevant practicing and professional qualifications. By successfully passing the examinations, they will be able to acquire qualifications that can be showcased on their resumes, ultimately enhancing their prospects in securing job interviews and potentially landing their desired positions. Furthermore, I strongly advocate for their attendance at financial summits, as it would provide them with a valuable opportunity to immerse themselves in the dynamic atmosphere of the financial industry at an early stage.
Q: You have been active in a range of public and community service, particularly in the education and talent development front. How do you juggle these multiple demanding roles?
A: Having accumulated savings over my years of professional experience, I am now in the position to pursue a job that offers greater flexibility. This flexibility would allow me to dedicate more time to engaging in meaningful social services. Given my profound aspirations and belief in the potential of youth development, I am determined to support young individuals in overcoming challenges and avoiding complacency. My utmost desire is to assist them in finding effective ways to tackle obstacles and inspire a sense of resilience within themselves.